Money Management Executive Latest News

A.G. Edwards Inc.'s fiscal third-quarter earnings rose 23%, the company announced.

Franklin Resources paid each of its co-CEOs $5.79 million in total compensation in 2004, proxy statements the firm filed with the SEC reveal. That was almost double the $2.97 million the firm paid the pair, Martin Flanagan and Gregory Johnson, in 2003. In addition, Flanagan and Johnson realized additional monies by exercising options during the year. With Flanagan cashing in $1.2 million, he earned a grand total of nearly $7 million, while Johnson exercised $1.49 million, meaning he earned a grand total of $7.28 million.

Once considered a niche product for the high-net-worth, hedge funds have become the vehicle of choice for an increasing number of investors, prompting some observers to wonder whether the industry's stellar returns are a thing of the past, according to a CBS Marketwatch report.

A new rankings system for mutual funds has elevated lesser-known portfolio managers ahead of bond guru Bill Gross and legendary stock picker Mario Gabelli, The Wall Street Journal reports.

President Bush revealed that his first steps toward realizing a goal to transfer a portion of Social Security taxes into privately managed equity and fixed-income accounts may include cloning a federal retirement vehicle for members of the military known as the Thrift Savings Plan, The Wall Street Journal reports.

Bill Miller, the venerable manager of the Legg Mason Value Trust, has said his portfolio may underperform the Standard & Poor's 500 index for the first time in 13 years, but as the end of the year approaches, he isn't going down without a fight, The New York Times reports.

Janus Capital announced Wednesday it has registered as the largest mutual fund provider on the Danish government's Folkeborsen investment platform, to be launched on Jan. 3, 2005, according to a Reuters report.

Equity and balanced funds containing a mix of stocks and bonds will take in a record $330 billion this year, according to Strategic Insight. This will top $307 billion these funds reaped in 2000.

Mellon Financial Corp. announced this week it has completed its purchase of Providence Group Investment Advisory Co.

Tax accounting franchise H&R Block agreed to pay regulators $825,000 to settle allegations that it helped a hedge fund customer engage in abusive trading practices that harmed mutual fund shareholders.